According to the cash budget of Penny, it can be concluded that Penny has vague notion on the management with her money; she has the typical bad habit of young lady. For example, she is crazy on high heels and beauty clothes, as she hasn’t enough money to afford the bills, she usually makes an overdraft with a credit card, but she ignores the consequence of being arrears.……

Table.1 Cash Budget for Penny in 2012/2013 annum

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Tax calculation of Penny

The salary of Penny from the cheesecake factory from 2012 to 2013 is 12,000 pounds, people in UK have the obligation to pay the income tax according to their income or profit, the more money you earn the more income tax you should pay (Arulampalam et al. 2012).……

Solutions of the financial problems of Penny

The earning of Penny is only 12,000 pounds per annum, but the money she spends is more than her income, even if Leonard would give some money to Penny, she still needs to make a reasonable budget plan. There are some expenses that Penny must reconsider.……